By Marisa Wong
Madison, Wis., Jan. 23 - Bank of Montreal priced $1.59 million of autocallable contingent coupon barrier notes due Jan. 26, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above 85% trigger price on a semiannual observation date, the notes will pay a 6.55% coupon for that period, equivalent to 13.1% per year.
If the fund closes at or above the initial price on any semiannual call date, the notes will be automatically called at par plus the contingent coupon.
If the notes are not called and the shares finish at or above the 85% trigger price, the payout at maturity will be par.
Otherwise, investors will be fully exposed to any losses.
BMO Capital Markets Corp. is the agent.
| Issuer: | Bank of Montreal
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying fund: | Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $1.59 million
|
| Maturity: | Jan. 26, 2015
|
| Coupon: | 13.1% per year, payable semiannually, if fund closes at or above trigger price on a semiannual observation date
|
| Price: | Par
|
| Payout at maturity: | If shares finish at or above trigger price, par; otherwise, full exposure to losses
|
| Call: | Automatically at par plus contingent coupon if shares close at or above initial price on July 18, Jan. 21, 2014, July 18, 2014 or Jan. 20, 2015
|
| Initial price: | $45.11
|
| Trigger price: | $38.34; 85% of initial price
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Agent: | BMO Capital Markets Corp.
|
| Fees: | 1.75%
|
| Cusip: | 06366RLF0
|
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